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This is the single most important line item. Wonder why credit markets feel heavy? Why Primex of all things is weaker? It is not just European banks shrinking balance sheets. It is not just households. It is some US banks as well. You can improve your capital ratio by raising capital. You can also improve it by selling assets. With cost of debt soaring, it makes sense to sell assets that have yields above where you borrow. I would not expect credit assets to recover quickly in this environment. As IG gets cheap, HY will have to as well. Stocks, well, credit deleveraging is rarely good for them just me or are banks the only ones crushing earnings? the SPX P/E will be CHEAP, but cheap for a reason.